Goldman Sachs Group Inc. Tuesday reported a 69% drop in fourth-quarter profit due to heavy losses in its consumer business and a slump in dealmaking that hit its investment banking unit.
The bank reported a profit of $1.19 billion, or $3.32 per share, for the three months ended Dec. 31, compared with $3.81 billion, or $10.81 per share, a year earlier.
Wall Street has been under pressure as dealmaking activity stalls on worries over a weakening global economy due to high inflation, rising interest rates and market volatility.
The market volatility spurred by the Federal Reserve's quantitative tightening has, however, boosted Goldman's trading units.
Net revenue was down 16% to $10.6 billion.
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